Author: Bounce.finance Translator: Huohuo/Baihua Blockchain
1. Introduction
In the context of the continuous development of cryptocurrencies and decentralized finance (DeFi), a phenomenon has recently caught the attention of experienced cryptocurrency enthusiasts and newcomers: Telegram bots. These innovative bots reside on the popular messaging platform Telegram and introduce a novel way of interacting with the world of crypto assets. In this article, we delve into the fascinating world of Telegram bots, exploring their rise, functionalities, and their impact on the cryptocurrency space.
2. Understanding Intent-based Interactions
To grasp the significance of Telegram bots, it is crucial to understand the concept of intent-based interactions. In this context, intent lies at the core of human-computer interactions in the era of Artificial General Intelligence (AGI). Intent-based interactions are driven by the integration of advanced AI and Large Language Models (LLMs) such as GPT-3. These sophisticated AI entities are reshaping the way we interact with cryptocurrencies and blockchain technologies.
The Anoma Foundation and Unibot are two notable projects that embody the concept of intent-based interactions. The Anoma Foundation raised $25 million in its third funding round and introduced an intent-centered architecture around user intent. Users express their intent, which is then processed by the Anoma system. This “magic box” interprets user intent, executes necessary transactions, and updates the state on the blockchain. Anoma’s approach fundamentally changes the way users interact with blockchain technology, emphasizing user intent as the catalyst for every action.
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On the other hand, Unibot takes a different route, offering a bottom-up approach to encrypted interactions. This Telegram-based trading bot enables automatic Decentralized Exchange (DEX) trading through Telegram, simplifying the user experience. It provides functionalities such as sniper buying, copy trading, DEX limit orders, privacy, and anti-MEV (Minimum Extractable Value) features. Unibot has even spawned a series of simulated platforms within the Telegram bot ecosystem, with a combined market value of nearly $200 million.
Anoma and Unibot share a common goal: to simplify user interactions with the crypto market. Anoma focuses on a top-down approach, while Unibot adopts a bottom-up approach. They both aim to introduce a new layer of interaction – the user intent layer, allowing users to easily define transaction states based on their own intentions.
3. Evolution of Intent in Web3
The concept of intent-based interactions is not entirely new. It has evolved over time, transitioning from the Web 2.0 era to the current Web 3.0 era. In the Web 2.0 era, users could input their intent into search engines like Google, and the search engine would provide relevant search results. With the rise of e-commerce platforms like Amazon and eBay, intent-based architectures further developed. Users could express their purchasing intent, and the platform would take care of logistics.
The transition from Web 2.0 to Web 3.0 has introduced intent-based networks, where users only need to express the content they desire and the platform takes care of the rest. This shift represents a significant leap in user-centric interaction. Industry experts predict that intent-based networks will become the next milestone in the field of networking.
In Web3, intent takes on a new dimension. LianGuairadigm defines intent as a set of declarative constraints that allow users to delegate transaction creation to specialized third-party networks while retaining full control. Anoma’s underlying Dapp architecture revolves around intent, interpreting it as messages expressing custom preferences. It defines what a user-defined system can do rather than prescribing specific execution paths.
This concept of intent has also given rise to intent-centric architectures, known as intent-centric architectures. In this architecture, cryptographic protocols and infrastructure are embedded in the interaction layer between users and the cryptographic ecosystem, leveraging AI/LLM to provide a more streamlined on-chain interaction experience. This intent-centric approach can significantly reduce the complexity of user interaction in the Web3 era.
4. Telegram Bots: Making Cryptocurrency Accessible
Telegram bots represent the practical manifestation of intent-based interaction in the cryptocurrency field. They serve as convenient and user-friendly alternatives to the typically complex interfaces of existing DeFi applications. These bots enable users to seamlessly execute various cryptocurrency operations simply by sending messages from their mobile devices. The process of using Telegram bots that support encryption is straightforward: initiate commands in the bot’s Telegram channel, access the main menu to perform tasks like wallet creation or connection, then send funds to specified addresses and deposit them into your wallet. This interaction will then lead to another menu offering a range of options for different types of transactions.
Telegram bots excel at simplifying user interaction and offer a wide range of cryptocurrency activities. Users can trade, snipe (automatically purchase tokens after listing), copy trades (emulate successful traders), and engage in yield farming (automated operations to increase airdrop opportunities).
A notable feature of Telegram bots is their ability to provide wallet tracking and analysis. Additionally, many Telegram bot projects introduce their native cryptocurrencies, leading to the emergence of a new class of tokens in the cryptocurrency market.
5. Adoption and Activity of Telegram Cryptocurrency Bots
Telegram bots have quickly gained attention in the crypto community, primarily due to their user-friendly approach and media coverage they have received. According to Binance Research, Telegram has over 800 million monthly active users, providing a huge potential market for cryptocurrency expansion.
Key indicators reflect the growing interest in Telegram cryptocurrency bots. The market capitalization of Telegram bot tokens has exceeded $300 million, with various tokens experiencing significant growth, particularly Unibot, which accounts for over 77% of the market capitalization in this segment.
The user engagement metrics of Telegram bots reached a record high in July, with over 6,000 daily active users. Maestro is the leader in this field, with around 2,000 to 3,000 active users per day. However, Unibot has been steadily closing the gap.
The daily trading volume of Telegram bots reached a new high on July 23, 2023, exceeding $10 million. The cumulative lifetime trading volume has also surpassed $190 million. It’s worth noting that these numbers may underestimate the actual amount, as not all data is readily available.
6. Risks Associated with Telegram Bots
Although Telegram bots provide a revolutionary way to interact with cryptocurrencies, they are not without risks. Users must proceed with caution and be aware of potential pitfalls:
1) Security risk: Telegram bots require users to link their wallets, which may expose their private keys to third-party services. Users must have confidence in the security measures implemented by these bots.
2) Smart contract risk: Telegram bots often rely on smart contracts to execute transactions. Users should thoroughly review the code of these smart contracts to understand risks and potential vulnerabilities.
3) Scam bots: The cryptocurrency space is filled with scams, and Telegram is no exception. Users should remain vigilant and avoid interacting with suspicious or unverified bots promising unrealistic returns.
4) Regulatory compliance: Depending on the user’s location, using Telegram bots for cryptocurrency activities may have regulatory implications. Users should be aware of the legal requirements in their jurisdiction.
7. Conclusion
In summary, Telegram bots are completely changing the way we interact with cryptocurrencies and blockchain technology. They embody the concept of intent-based interaction, simplify complex transactions, and make cryptocurrencies more accessible to a wider audience. Projects like Anoma Foundation and Unibot exemplify this approach, with each project taking a unique route to streamline user interaction.
The evolution from Web 2.0 to Web 3.0 and the rise of intent-centric architectures signify a future where users can express their intent, and sophisticated AI/LLM will handle the rest. While Telegram bots have significant advantages, users should remain cautious of security risks and conduct due diligence.
As the popularity and functionality of Telegram bots continue to grow, they provide an intriguing avenue for both newcomers and experienced cryptocurrency enthusiasts to explore and engage with the world of cryptocurrencies. In this ever-evolving crypto space, the rise of Telegram bots highlights the ongoing transformation in how we interact with blockchain technology and digital assets, ushering in a new era of intelligent crypto interaction.
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